A.N. Verma, J.

1. At the instance of the assessee, the following three questions have been referred for our opinion :

"(1) Whether, on the facts and in the circumstances of the case and on a correct and true interpretation, the Appellate Tribunal was justified in law in taking the view that the presumption raised under Section 132(4A) of the Income-tax Act, 1961, was limited in its scope and was rebuttable ?

(2) Whether, on the facts and in the circumstances of the case and on a correct and true interpretation, the Appellate Tribunal was justified in law in taking the view that the existence of the presumption available under Section 132(4A) of the Income-tax Act, 1961, did not do away with the burden which the assessee had of establishing the requisites of cash credits under Section 68'of the Act ?

(3) Whether, on the facts and in the circumstances of the case and in view of the answers to questions Nos. 1 and 2, the Appellate Tribunal was justified in law in confirming the additions sustained by the Appellate Assistant Commissioner of Income-tax in respect of the various creditors for the assessment years 1972-73 to 1976-77 ?"

2. The facts relevant for answering the aforesaid